GFM Network News

Got one or more of these in your office? Then you’re not only likely allowing some tax deductions to slip through your hands, you’re violating rule No. 2 on Carman Praski’s Top 12 tax-saving tips.

Top 12 tax-saving tips for your farm

Some require help from an accountant or adviser, but others are things you can do yourself

Reading Time: 4 minutes Every farmer wants to pay less in taxes, but it can be hard to know where to find those savings. “How do you feel confident you’re paying the least amount of tax possible? It’s tough,” said Carman Praski, business development representative at Farm Business Consultants. At the recent Ag in Motion virtual conference, Praski offered […] Read more

File photo of young plants in a soybean field in Argentina. (Gracieross/iStock/Getty Images)

Argentine soybeans facing tax increases

MarketsFarm — Not many major divergences can be seen between the U.S. Department of Agriculture’s data (USDA) on Argentina’s soybean crop and data from the department’s attaché in Buenos Aires. What may bring changes to the country’s soybean industry are tax increases imposed by the new federal government, according to Benjamin Boroughs, the USDA attaché. […] Read more

Photo: File

Livestock producers receive tax relief for 2019

Drought in Western Canada and Quebec has prompted the federal government to release an initial list of regions eligible for livestock tax deferrals. The livestock tax deferral provision allows livestock producers in prescribed drought, flood or excess moisture regions to defer a portion of their 2019 sale proceeds of breeding livestock until 2020 to help […] Read more

Ten more counties eligible for tax relief

Ten more counties eligible for tax relief

Livestock tax deferral program assists livestock producers who had to cull their herd this year

Reading Time: < 1 minute Another 10 Alberta municipalities are now eligible for the federal government’s livestock tax deferral program. Agriculture and Agri-Food Canada’s initial list of eligible municipalities issued in September has been expanded to include many counties passed over the first time. Municipalities are only eligible for the program if forage yields fall below 50 per cent of […] Read more

Dry conditions and a shortage of feed has prompted Ottawa to make much of Western Canada eligible for its Livestock Tax Deferral Provision program.

Tax relief offered to livestock producers short on feed

If you’re forced to sell breeding stock but planning to restock, you can defer taxes for a year

Reading Time: < 1 minute Twenty-one counties and municipal districts in Alberta are on the “initial list” of regions where livestock producers can defer taxes because of feed shortfalls. The federal government’s Livestock Tax Deferral Provision program allows producers to defer a portion of their 2018 sale proceeds of breeding livestock until 2019 to help replenish the herd. The cost […] Read more

The equine industry is not ‘zero rated’ for GST, which means the tax must be charged when horses are sold.

Horses should be classed as livestock, argues industry group

Horse industry should receive the same benefits as other livestock sectors, says Horse Welfare Alliance of Canada

Reading Time: 2 minutes Horses and other equines should be formally classed as livestock, says an advocacy group. “We have situations in various parts of Canada where provincial governments, in British Columbia in particular, are denying farmer status to people who are in the business of breeding equines including mules, donkeys, and horses,” said Bill desBarres, chair of the […] Read more

Dodging the taxman may be costing you

Paying some tax makes sense, but cash deferrals and pre-buying inputs don’t always, says accountant

Reading Time: 3 minutes Some of the farmers Rob Strilchuk works with seem to think that $1 is too much tax to pay. “I have clients who spend $100 to save $15 in tax,” said the MNP accountant. “I get it. I don’t want cash to go to Revenue Canada for any of my clients, either. But there is […] Read more

What was the real bottom line on your farm in 2017?

What was the real bottom line on your farm in 2017?

Cash accounting can save you taxes, but it doesn’t give you a true picture of profitability

Reading Time: 2 minutes Was your farm profitable in 2017? Now is the time to find out by converting cash statements to accrual income and expenses statements, says a provincial farm financial specialist. “The majority of farms still report their incomes and expenses on a cash basis via their annual income tax returns with the goal of avoiding or […] Read more

Are you keeping your accountant awake at night?

Are you keeping your accountant awake at night?

The thought of farms getting hit with a huge — and unnecessary — tax bill is a scary one, say two tax experts

Reading Time: 3 minutes What keeps you up at night? Up and down commodity prices? Weather? Finding (or keeping) rental land? For accountants Ryan Stevenson and Dean Gallimore, it’s the thought of farmers getting whacked with a tax bill they could easily avoid. “One of the best things about farming is that farming companies can transfer from one generation […] Read more

Deferred cash tickets help farmers smooth their annual farm income by allowing them to defer a portion of commodity sales to be taxed in the following year.

Feds backpedal on plans to scrap cash ticket deferral system

The federal government has changed its tune on cash ticket deferrals

Reading Time: 4 minutes Dean Gallimore breathed a big sigh of relief when he learned that the federal government had scrapped its plans to eliminate the cash ticket deferral system. “This is a relief in a big way,” said the chartered accountant. “I was very concerned that they were going to scrap the system. Farmers could deal with that, […] Read more